Under the umbrella of the UN Framework Convention on Climate Change (UNFCC) and the ongoing 26th United Nations Climate Change Conference (COP26) in Glasgow, 124 countries have just signed a Declaration on Forests and Land Use, (from now on referred to as the Glasgow Declaration) as of 2 November 2021. The declaration sets out to end and reverse deforestation by 2030 and facilitate a sustainable land-use transition. Substantial progress has also been made with regards to the mobilisation of finances for forests. For instance, as part of issuing a Global Forest Finance Pledge, the EU, Canada, United Kingdom, Norway, South Korea, and the United States of America have announced that they will provide 12 billion USD of public climate finance between 2021-2025. This financial pledge will aim to support action on restoring degraded land, tackling wildfires, and advancing the rights of indigenous peoples and local communities. It can also be noted that the national governments of 28 countries have committed to removing deforestation from the global trade of food and other agricultural products such as palm oil, soya and cocoa. These are industries that, in part, drive global deforestation (e.g., forest loss generated by the demand for agricultural land). In connection with the Glasgow Declaration, major financial companies have likewise made additional commitments to end investments in activities linked to deforestation.
Global Forest Finance Pledge at the COP26: new ammunition in the fight against deforestation or just more of the same?